Scotiabank announces referral relationship with India's Kotak Mahindra Bank
TORONTO-- Scotiabank has reached an agreement with India's Kotak Mahindra Bank Limited to provide financial services to people emigrating to Canada and to Indo-Canadians seeking accounts and investment services in India. This alliance will bring together the respective strengths of each bank to enable referrals for customers in Canada and India, subject to local banking regulations.
"We're Canada's most international bank and we've had a presence in India for the past 30 years which gives us a unique perspective on what international clients are looking for in financial planning," said Troy Wright, Scotiabank's Executive Vice President of Retail Distribution, Canadian Banking. "Partnering with Kotak Mahindra Bank gives Scotiabank a platform to reach out to Indian residents immigrating to Canada and provides our customers in Canada with a referral to one of the leading financial institutions in India."
Through the alliance, select Kotak Mahindra Bank branches will offer Canada-bound Indian residents with access to the Scotiabank StartRight Program for Newcomers. The Scotiabank StartRight program includes an international account opening program and assists with Canadian credit card applications, all prior to leaving India. In Canada, select Scotiabank branches will help non-resident Indian customers seeking bank accounts in India by referring them to Kotak Mahindra Bank's MyIndia Program - their non-resident Indian (NRI) and people of Indian Origin (POI) banking solution.
"We are delighted to partner with Scotiabank," said KVS Manian, President, Consumer Banking, Kotak Mahindra Bank. "The alliance brings together the strengths of both banks to collectively meet the diverse financial needs of the Indian community. We look forward to providing a comprehensive NRI Banking product suite to the Indian Diaspora in Canada through our MyIndia Program."
Kotak Mahindra Bank received a banking license from the Reserve Bank of India in February 2003 and has over 375 branches, and 863 ABMs, in 219 locations across India. The Kotak Mahindra group has a consolidated net worth of `13,430 cr (approximately US$ 2.4 billion) as of June 30, 2012.
"We have a strong focus on NRI Banking and our alliance with Scotiabank further strengthens our customer offering," said Virat Diwanji, Executive Vice President & Head, Branch Banking, Business Assets & NR, Kotak Mahindra Bank. "Canada has a sizable NRI and PIO population and both banks look forward to sharing common values of excellence in serving our clients and meeting their banking and financial needs."
In addition to its new partnership with Kotak Mahindra Bank, Scotiabank offers the Scotiabank StartRight international account opening program in select Scotiabank branches in India and Mexico and through China Everbright Bank in China.
"We understand that moving around the world is an enormous undertaking, and we strive to offer some stability during this transition by helping people with the financial part of their move," said Winnie Leong, Scotiabank's Vice President of Multicultural Banking. "This strategic alliance with Kotak Mahindra Bank expands our reach in India, and gives both banks an opportunity to provide relevant advice and services to customers planning a move to Canada."
Launched in 2008, the Scotiabank StartRight Program for Newcomers was created for Canadian Landed Immigrants from 0-3 years in Canada, International Students and Foreign Workers. The Scotiabank StartRight Program provides advice and financial solutions to help newcomers plan their future in Canada. More details on the Scotiabank StartRight Program are available at www.scotiabank.com/startright.